Business Envoy February 2022
Future-proofing our economy with strategies for growth and resilience
The Australian Government is working tirelessly to help Australian exporters diversify their international markets and access new and exciting opportunities because this supports jobs, businesses and the economy in Australia.
International trade and foreign investment will be important elements to secure our economic recovery from COVID-19. Australia is emerging from the pandemic in a strong economic position. Our exports grew 19 per cent in 2021.
At the end of 2021, the Australian Government secured important wins for our exporters:
- We concluded the Australia-United Kingdom Free Trade Agreement, which is Australia's most liberal FTA outside of New Zealand, and will make Australian exports to the UK cheaper and create new opportunities for workers, young people and businesses.
- New rules were agreed at the World Trade Organization (WTO) that will reduce red tape and regulatory costs, making it easier for Australian businesses to export to the world. The agreement, which comprises 67 WTO Members – including the 27 EU Member States – accounts for over 90 per cent of global services trade. Services is the fastest growing and most dynamic sector in the Australian economy. The rules developed will help Australian services exporters address the practical challenges of operating in other markets.
- Australia, and the world's, first shipment of liquefied hydrogen was shipped from Victoria to Japan as part of the Hydrogen Energy Supply Chain pilot project, heralding the start of a major new energy export industry. This is a world-first that will make Australia a global leader, aiming to produce 225,000 tonnes of clean hydrogen each year in the Latrobe Valley, with a legacy of lower emissions, greater energy production and more local jobs. Our drive for clean energy and net zero emissions by 2050 is the perfect environment for the birth our hydrogen industry.
- Australia continues to make good progress towards a Comprehensive Economic Cooperation Agreement with India, and an Australia- Singapore Green Economy Agreement.
The Government is committed to ensuring Australia emerges from the pandemic stronger and more resilient than ever. DFAT, the Australian Trade and Investment Commission and Tourism Australia, as well as other key government agencies are responding rapidly to changing conditions, finding flexible and creative solutions, and staying focused on fortifying Australia's competitive advantage and seizing opportunities for Australian business.
I trust you find much to inform and interest you in this edition of Business Envoy.
The Hon Dan Tehan MP, former Minister for Trade, Tourism and Investment